970*90
768
468
mobile

Infosys appoints long-time employee as head for startup fund

Franchise India Bureau
Franchise India Bureau Apr 18 2018 - 1 min read
Infosys appoints long-time employee as head for startup fund
Infosys has appointed its long-time employee Deepak Padaki to head the Infosys Innovation Fund.

The software services major, Infosys has finally appointed a new leader for its $500-million startup fund, nearly 10 months after the resign of Yusuf Bashir who served as the managing director of Infosys Innovation Fund.

As per the reports, Infosys has appointed its long-time employee Deepak Padaki to head the Infosys Innovation Fund.

Padaki, who had started as a software engineer with the IT major in 1992, is currently executive vice-president of strategy, M&A, and the chief risk officer at Infosys, according to his LinkedIn profile.

Infosys Innovation Fund remains a key part of the company’s strategy, but will focus more on investments that can help digital businesses, an Infosys executive said.

Trouble at the fund surfaced after Bashir, who had led the fund for a little over two years, quit last July. His resignation came barely a few days after Ritika Suri stepped down as the IT giant’s executive vice-president. Both Bashir and Suri were former Infosys CEO Vishal Sikka’s colleagues at German business software maker SAP SE and were considered close to him.

Sikka himself had resigned in August 2017 amid reports of a tussle with Infosys founders and the company board.

In March, Pankaj Mitra, one of the founding team members of the fund, had also resigned to join networking technology giant Cisco Systems, Inc.

Subscribe Newsletter
Submit your email address to receive the latest updates on news & host of opportunities
Entrepreneur Magazine

For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you

or Click here to Subscribe Online